Innergex Renewable Energy Inc witnessed a significant 79.1% year-on-year decline in its third-quarter net profit, settling at CAD 4.4 million (USD 3.2m/EUR 3m). The company, however, experienced a 9% increase in revenues, attributed to acquisitions, favorable pricing for certain US wind farms, heightened wind power production in Chile, and increased revenues from new power purchase agreements (PPAs) in France.
The boost in revenues was overshadowed by challenges faced by Innergex, including decreased production at its hydropower facilities in British Columbia and wind parks in Quebec. Additionally, pricing issues were noted for some assets in Chile and the US. Overall production slightly decreased to 2,654,439 MWh from 2,736,471 MWh in the third quarter of 2022.
Operating profit saw a decline from CAD 108 million to CAD 99.8 million, marking a 7.5% rise in adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) to CAD 180.2 million. Despite the profit slump, Innergex returned to an adjusted net profit of CAD 5.2 million, rebounding from a loss of CAD 465,000 in the year-ago period.
President and CEO Michel Letellier commented on the company's performance, stating, “We remain efficient in both operating our facilities and growing our business. We continue to adapt and improve our approach to develop sustainable, secure, and financially-sound projects to maximize our returns.”